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Dec 8, 2025 12:30 PM

Forget Meta And Microsoft — 'Pick And Shovel' Stocks Are The AI 'Capex Super Boom' Play

The AI infrastructure build-out has not yet peaked. In fact, AI cap ex spending is accelerating, said Ben Powell, chief investment strategist for APAC at the BlackRock Investment Institute.  

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Speaking at Abu Dhabi Finance Week on Monday, Powell outlined his investment thesis: the AI “capex super boom” is creating a massive opportunity, but the smartest money may not be in the hyperscalers like Alphabet, Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG), Microsoft Corp. (NASDAQ:MSFT) and Meta Platforms, Inc. (NASDAQ:META). 

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